U.S. to surpass Saudi Arabia to become world’s top oil producer by 2015

U.S. to surpass Saudi Arabia to become world’s top oil producer by 2015

Washington – The United States is set to become the world’s top energy producer by 2015, according to a new report.

The report from the International Energy Agency found that the US would even surpass Saudi Arabia to become world’s largest oil producer.

The IEA however said that the US’ power as a global energy force will fade over the next decade.

According to CNN, massive investment in the production of shale gas has driven the U.S. supply boom.

But limited reserves will cap the surge in shale oil output within the next 10 years.

IEA chief economist Fatih Birol told reporters Tuesday, at the launch of the 2013 World Energy Outlook in London, that shale oil is good news for the US, but they did not expect the trend will continue after the 2020s.

Birol said that Middle East oil is crucial to the global oil industry today, and also tomorrow.

The OPEC oil cartel, which includes Saudi Arabia, the United Arab Emirates and Qatar, controls the vast majority of world oil reserves.

According to the report, as a major exporter, top producer Saudi Arabia is critical to future energy supplies.

By contrast, the United States relies on its newfound energy wealth to power domestic consumption.

The IEA also noted that Asia will continue to re-shape the global energy landscape.

India will take over from China as the biggest energy demand center around 2020.